BOSTON -- A bruised and battered economy is threatening the livelihood of local lobstermen.

NewsCenter 5's Jack Harper reported Tuesday that lobster prices are tanking as frugal diners curb their spending. The men and women who trap the shellfish for a living say the price drop is catastrophic for their business.

"We are hoping that the processors come back and start buying product again, which is really the reason the price is so low," Massachusetts Lobstermen's Association President Bernie Feeney said. "It's adding up, and this is the time of year we make money to make up for the spring work. We came down and worked on gear all day, and we didn't make anything."

Lobsters cost about $2.80 to $4 a pound in Boston. Last year they were $4.50 to $5 per pound. On the North Shore and Cape Cod, lobsters cost about $2.50 to $2.75 per pound.

Wes Penny and his father are part-time lobstermen, who are pulling some of their gear a little early this year.

"I don't want to be waiting until the end when the Canadians start to fish. I don't think the price will get any better. It will get worse, actually," Penny said.

Lobstermen hope consumers will increase demand soon.

"Go right on down to your local harbor and knock on the back of a boat and say, 'I'd like to buy some lobsters.' This is the time to buy them. A 1 pound lobster off the back of a vessel is cheaper than an ice cream cone," Feeney said.